Nowadays, almost all businesses outsource a portion of their operations. However, it’s becoming challenging for companies to ensure outside suppliers remain an asset for their business.
With many businesses relying on external partners for services, the risk of cyber threats via your third parties looms big—with only 54% of companies having a comprehensive list of all the third parties that access their network. For this reason, third-party risk management (TPRM) is crucial to operational security.
In this article, we will explore what third-party management is, the common third-party threats, and some third-party cyber risk management best practices to ensure cybersecurity compliance in your business partnerships.
What Is Third-Party Risk Management?
Third-Party Risk Management, or TPRM for short, is a discipline that focuses on identifying and managing risks related to outsourcing third-party vendors or service providers. You can use third-party and vendor risk assessments to help your company assess how much risk it would assume if you contracted out a business process or gave a third-party access to your data.
What Are the Common Threats in Managing Third Parties?
The first…
